Military Drone Market Projected to Reach $17 Billion By 2027 as New Technology Advances
November 17, 2022 at 08:30 AM EST
Palm Beach, FL – November 17, 2022 – FinancialNewsMedia.com News Commentary – Revenues in the military drone market have been significantly rising in recent years and are expected to continue their rise in the coming years. Military drones are guided autonomously, by remote control, or by both means, and carry some combination of sensors, electronic receivers and transmitters, and offensive ordnance. Utilized for strategic and combat zone reconnaissance, they can also intervene on the front lines — either by designating targets for precision-guided munitions dropped or fired from manned systems, or directly, by dropping or firing these munitions themselves. The earliest UAVs were known as remotely piloted vehicles (RPVs) or drones. They were small radio-controlled aircraft first used during World War II for target training for fighters and antiaircraft guns. Today, all major military powers and even some militia groups employ battlefield surveillance UAVs to extend the view of the ground and naval forces and to enhance the reach and accuracy of their supporting fire. The government funding for military drones is increasing to enhance the efficiency of military operations. This will boost demand and increase the production of military drones… Most of the global defense spending is attributed to the development and procurement of drones. A report from MarketsAndMarkets projected that the military drone market is projected to grow from USD 12.0 billion in 2022 to USD 17.0 billion by 2027, at a CAGR of 7.3% from 2022 to 2027. Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), AeroVironment, Inc. (NASDAQ: AVAV), AgEagle Aerial Systems Inc. (NYSE: UAVS), Raytheon Technologies (NYSE: RTX), Honeywell (NASDAQ: HON).
The report said: “Various new military applications are being uncovered wherein UAVs can be used. One of these applications involves the use of UAVs for the delivery of military cargo. Drones can be used to resupply soldiers on the battlefield. The idea of using UAVs for cargo delivery in the military sector came from the commercial sector, where drones are being used to deliver products to customers by companies such as Amazon. Currently, a major portion of military supplies is transported through road convoys, making the convoys vulnerable to enemy attacks. UAVs, on the other hand, take aerial routes, which can be changed so that the risks of enemy attacks on convoys can be reduced. The use of UAVs for military cargo delivery also eliminates high-risk situations for soldiers in convoys. Deliveries using UAVs will be faster and safer as compared to traditional road convoys. Fixed-wing drones make use of wings to move upward from the ground during take-off, just like airplanes. They require engines to offer them a forward thrust, while wings offer them the required vertical lift to fly. Fixed-wing UAVs can fly longer than rotary-wing drones. They are most distinct in terms of their payloads, endurance ranges, and applications… The fixed-wing segment is projected to grow from USD 11,310 million in 2021 to USD 15,940 million by 2027, at a CAGR of 7.1% during the forecast period.”
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) BREAKING NEWS: Draganfly Selected as Preferred Partner to DEF-C Ukraine Government Military Service Provider – Draganfly’s to provide systems and solutions in reconnaissance, delivery, and landmine detection, amongst other solutions – Draganfly Inc. (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce DEF-C, a Ukrainian company involved in the civil and defense sectors, has selected Draganfly as an exclusive provider of drones and related services.
DEF-C is a Ukrainian company of the Intecracy Group consortium, which has been involved in projects in the creation and use of unmanned aerial vehicles and solutions in the civil and defense sectors for the past decade, providing a broad range of products and services.
Draganfly will provide comprehensive equipment and solutions for emergency response, security, defense, and infrastructure, in addition to mapping, support, and public services. Draganfly’s platforms can adapt to air and ground situations providing a range of solutions that solve integral issues.
“DEF-C is a trusted provider to multiple Ukraine agencies. The integration of Draganfly’s solutions into our multiple civil and military projects has been well received, and we look forward to expanding this strategic partnership,” said Yuri Syvytsky, Lead Director of DEF-C.
“The partnership between Draganfly and DEF-C will enable us to continue to provide equipment and solutions to the people of Ukraine,” said Cameron Chell, President, and CEO of Draganfly. “The selection of Draganfly by DEF-C is a testament to the strength of our technology and our team’s ability to provide turnkey solutions that meet the specific needs of our customer base.” CONTINUED… Read this full press release and more news for Draganfly at: https://www.financialnewsmedia.com/news-dpro/
Other recent developments in the markets of note include
AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today announced that Kevin McDonnell, senior vice president and chief financial officer, and Jonah Teeter-Balin, senior director corporate development and investor relations, recently presented at the Baird Global Industrial Conference on Tuesday, Nov. 08, 2022.
AeroVironment provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers.
AgEagle Aerial Systems Inc. (NYSE American: UAVS), an industry-leading provider of full stack flight hardware, sensors and software for commercial and government/defense use, recently announced that it has partnered with government contractor Darley to expand the market reach of AgEagle’s high performance fixed wing drones and sensors to the U.S. first responder and tactical defense markets.
Jeb Brown, Director of Unmanned Systems at Darley, stated, “Darley is very proud to add AgEagle’s high performance drones to our high quality, safe and innovative product offerings sold to fire, emergency and tactical professionals worldwide. In view of AgEagle’s eBee X series of fixed wing unmanned aerial systems (“UAS”) being cleared by the FAA for Operations Over People (OOP) and over moving vehicles in the United States, we believe this represents a paradigm shift for first responders reliant on optimal situational awareness for tactical, search and rescue or firefighting missions. Moreover, we look forward to driving greater defense market penetration for AgEagle’s NDAA-compliant, Blue UAS-cleared eBee TAC, which is a powerful force-multiplier for warfighters requiring covert tactical mapping capabilities and optimized field intelligence in rapidly changing environments.”
RTX Ventures, the venture capital arm of Raytheon Technologies (NYSE: RTX), has made a minority investment in electric propulsion system company H55 to drive the development of electric aviation solutions. The investment in H55 aligns with Raytheon Technologies’ longstanding leadership in the development of innovative and sustainable propulsion technologies.
H55, a Swiss company, is a leading enabler of electric propulsion solutions and battery systems. The team has proven ability in developing, integrating and flight-testing electric propulsion systems, including Solar Impulse, the first solar-powered electric airplane to fly around the world.
Honeywell (NASDAQ: HON) recently announced the release of its new operational technology (OT) cybersecurity solutions, designed to assist customers in defending the availability, reliability and safety of their industrial control systems and operations. The offerings, which include a new Advanced Monitoring and Incident Response (AMIR) dashboard and updated Cyber App Control, are designed to empower organizations with 24/7 intelligent threat detection across the expanding attack surface of their industrial control systems (ICS).
Advanced Monitoring and Incident Response managed service adds dashboard visibility: Today, industrial companies require advanced cybersecurity skills and tools to detect and respond to cybersecurity threats and incidents. Honeywell’s AMIR managed service, built upon Honeywell’s vast experience and knowledge in security, industrial automation and safety, brings increased cybersecurity capabilities to an organization’s existing Security Operation Centers (SOCs) to strengthen OT cybersecurity across the enterprise.
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